Our firm has been assigned with internal audit of Master data management system of a company...The MDM basically helps them create forms for creating Vendors, customers etc...these vendors, customers get backed up in the ERP..
I need someone to help me audit this process....as to points that u can come up...like controls that should be there....fraud/error areas etc
CA Amrita Chattopadhyay
(Audit & Assurance)
(13029 Points)
Replied 25 July 2016
For the audit of Master data management, you need to review the following:
a. Duplicate information in the master data
b. Regular updation of the master data. Redundant data may not be blocked
c. Fake data available in the master created like fake employees, fake vendors, fake clients etc
d. Controls over who creates the data, who approves the data, and who has right to edit the data
e. Reports generated through the master data
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